Kent Voran from SCORE talks about What Type of Business Are You.

Business Structure Selection Guide

Mary and Kent discussed the different types of business structures, including sole proprietorship, partnership, limited liability companies, and corporations (C-Corp and S-Corp). Kent emphasized the importance of considering factors such as tax liability, personal liability exposure, operational setup, funding options, and future growth when choosing a business structure. He encouraged early planning and evaluation of business goals to make an informed decision.

Business Structure Pros and Cons

Kent explained the pros and cons of sole proprietorships and partnerships as business structures. He noted that sole proprietorships are easy and inexpensive to set up, with full control of business decisions and simple tax filing, but carry unlimited personal liability and can make it difficult to separate business and personal expenses. Partnerships offer shared responsibilities and flexibility, but also involve shared and increased liability. Both structures are popular for starting businesses, but Kent emphasized the importance of considering personal liability and expense documentation when choosing a business structure.

LLC Advantages and Considerations

Mary and Kent discussed the pros and cons of forming a business as an LLC. Kent highlighted that LLCs offer limited personal liability, minimal administrative costs, and flexibility in management, while also being a pass-through entity for tax purposes. However, they require more paperwork and can be somewhat limited in attracting equity investors. Mary noted that LLCs are easier to sell and can be converted to an S-Corp or C-Corp if necessary. Both agreed that business structures are not permanent and can be adjusted as the business grows or funding needs change.

Business Structure and Team Planning

Kent advised Mary on setting up a business, emphasizing the importance of considering personal situations, growth objectives, and asset profiles when deciding on business structure. He recommended consulting with a CPA and legal counsel to make informed decisions, noting that an LLC is not mandatory but encouraged. Mary added that new businesses should have at least three team members, regardless of whether they are paid or friends.

Business Planning and Professional Advice

Mary and Kent discussed the importance of consulting an accountant and lawyer when starting a business, emphasizing the need to consider business structure from the beginning. Kent highlighted the complexities beyond just filing paperwork for an LLC and encouraged early planning and consultation with experienced individuals. Mary recommended reaching out to SCORE for free mentoring and encouraged viewers to book a call with her for business assistance.

https://www.score.org/stlouis

https://businessriff.com

Marie Patterson from InfinityPath Ventures talks about AI infrastructure for Startups

AI Infrastructure: Hardware and Software

Marie explained that AI infrastructure encompasses both hardware and software components at the server and chip levels, including supporting systems like cooling and power supplies. She emphasized the importance of creating "frictionless planes" for software solutions to drive efficiency, particularly for companies that sell AI as their product. Marie clarified that AI infrastructure benefits are not limited to companies that primarily use AI, as many businesses leverage it in various aspects like marketing, production, and inventory management. She also highlighted the current concentration of compute power in four major companies and the risk of outages in this brittle system.

Sovereign Compute: A Secure Solution

Marie discussed the concept of sovereign compute, which involves businesses maintaining their own hardware in secure locations rather than relying on public cloud services. She explained that the investment for such data centers is in the tens of thousands, and highlighted inefficiencies in current computer systems that are designed to run AI, leading to energy waste and environmental impact. Marie emphasized that the problem affects not just AI companies, but everyone, due to the cascading effects of inefficient energy use in data centers.

Data Centers in Opportunity Zones

Marie explained that new data centers are being built weekly in the United States, primarily in opportunity zones, which are economically challenged areas offering tax breaks to large tech companies like Meta and Google. She noted that while these data centers bring jobs and stimulate local economies, they often require utility companies to upgrade grids, sparking controversy over community acceptance. Marie emphasized the importance of addressing efficiency issues at their root cause through engineering analysis, rather than solving problems downstream.

Efficient Server Cooling Solutions

Marie discussed a software solution that could significantly improve server efficiency, reducing the need for extensive cooling systems and energy consumption in data centers. She explained that this solution is being developed by startups she is investing in as an emerging fund manager. Mary expressed interest in connecting investors with Marie's group and encouraged startups working on similar solutions to reach out to Marie.

Marie's LinkedIn profile https://www.linkedin.com/in/marie-e-patterson

https://starteryou.com

Michael Berlingo from Starteryou talks about using Students as a Resource for Startups.

Student Resources for Startup Success

Mary and Michael discussed the benefits of using students as a resource for startups. Michael explained that students are eager, passionate, and can be shaped and molded to develop various skills beyond their initial role. He emphasized that students can be turned into versatile generalists, which is valuable for startups with small employee sizes and budgets. They also discussed how Starter U, Michael's organization, trains students in multiple areas of development to prepare them for various roles in the tech industry.

Student Employment Platform Opportunities

Michael and Mary discussed the benefits and potential roles for students working on a platform focused on student employment, particularly in marketing and tech-related positions. Michael highlighted the advantages of remote work for students, including managing social media, creating content, and serving as student ambassadors. Mary suggested using students for beta testing and market research, while Michael agreed and emphasized students' adaptability and proficiency with tools like AI.

Starter U: Student Internship Platform

Mary and Michael discussed the features of Starter U, a platform that connects students with employers for internships. They explained that students can search for investors, create pitch decks, and find internships, both paid and unpaid. Michael noted that Starter U lists whether internships are paid or unpaid to avoid confusion. They also compared Starter U to other job platforms like Handshake, highlighting Starter U's focus on internships and its lower cost.

Internships as Scalable Hiring Solution

Michael discussed the challenges startups face in hiring and suggested utilizing interns as a scalable solution. He emphasized the benefits of offering unpaid internships for college credit, as it provides students with valuable experience and the potential for future employment. Mary highlighted the success of local universities in connecting students with small businesses through internships. The conversation concluded with Mary encouraging startups to book a call with her for further support.

LinkedIn: https://www.linkedin.com/in/mblingo/

Starteryou Events Page: https://luma.com/starteryou?k=c

Alfredo Matthew III from SPCC.1 talks about Revenue & Focus for Startups

Startup Success: Validation, Revenue, Profit

Mary and Alfredo discussed key strategies for startups to succeed, emphasizing the importance of customer validation, revenue generation, and profitability. Alfredo highlighted the need for startups to focus on securing early customers, building a tiered service or product offering, and gradually increasing contract values. He stressed the significance of understanding break-even points and net profitability, warning that many businesses fail to cross the revenue chasm between $2 million and $5 million. Mary and Alfredo agreed that startups must validate their ideas, generate revenue, and ensure profitability to create a valuable business that can attract investors or be acquired.

Business Connections and Startup Opportunities

Mary, representing BusinessRiff, met with Alfredo Matthew III from SPCC.1 to discuss potential business connections and opportunities. They briefly exchanged information about their respective organizations and discussed the benefits of booking a call with Mary for startup success. Mary expressed her goal of connecting startups with valuable resources and invited Alfredo to join future Stuck? Time to Improv! sessions.

Chris Jackson from EOS Worldwide talks about Vision-Market-Sales for Startups

Focus and Speed for Startups

Chris emphasized the importance of focus for early-stage businesses, highlighting the need to define their core problem and target market rather than trying to solve multiple issues simultaneously. He noted that founders often underestimate the importance of anticipating problems and learning from failures, suggesting that rapid iteration and customer validation are crucial for success. Chris advised against spending too much time on non-essential details like websites, advocating instead for getting products into the market quickly to test and validate their viability.

AI and Customer Interaction Insights

Mary and Chris discussed the importance of understanding customer needs and the role of AI in software development. Chris emphasized that AI tools reflect the developer's communication style and suggested that emotional and soft skills, often associated with arts and liberal arts, will become more important as AI handles rigorous engineering tasks. They agreed that knowing oneself and finding a suitable spokesperson are crucial for effective customer interaction.

Balancing Tech and Sales Strategy

Chris emphasized the importance of balancing technical work with sales efforts, suggesting that while AI can handle complex coding tasks, entrepreneurs should focus more on articulating their product's value and solving customer problems. He highlighted EOS as a simple yet effective tool for crystallizing an organization's vision and aligning leadership teams, which is crucial for mobilizing teams to execute against that vision. Mary agreed with these insights and encouraged entrepreneurs to seek further information on EOS and connect with Chris for additional support.

EOS Website: https://www.EOSworldwide.com/chris-jackson  LinkedIn Profile: https://www.linkedin.com/in/christopherjackson1 To book appointments: https://www.calendly.com/chris-jackson-eosworldwide And a site that helps businesses understand the procurement process and navigating the corporate landscape: https://www.impactnestconsulting.com

https://BizFi.io https://biz-fi.io/sue-schuster https://bizfi.io/funding-options/

Sue Schuster from BizFi.io talks about what makes good Partnerships for Startups

Benefits and Risks of Partnerships

Mary and Sue discussed the importance of partnerships in business, emphasizing that a good partnership should be mutually beneficial and help both parties achieve their goals. Sue explained that partnerships are valuable because they provide access to skills and expertise that one party may lack, and she noted that while co-founders can be successful, there are risks involved, such as differing visions for the business. Mary and Sue also touched on the idea of solopreneurship, with Sue suggesting that it can be effective for those who are good at delegating, allowing them to maintain control while still benefiting from a second-in-command's contributions.

Strategies for Successful Business Partnerships

Sue discussed her approach to evaluating potential business partners, emphasizing the importance of chemistry, shared humor, and overall compatibility. She explained that she often hires people for their personality and potential before determining their specific role, highlighting the value of energy and knowledge in partnerships. Mary inquired about the differences between co-founder partnerships and project-based collaborations, to which Sue responded that these relationships can vary significantly, including legal aspects like co-ownership and different roles, but often involve equitable compensation.

Co-founder vs. Client Relationship Insights

Sue Schuster from BizFi.IO discussed the differences between co-founder relationships and client relationships in business, emphasizing the importance of careful planning and legal documentation in partnerships. She advised startups to be cautious when forming partnerships, particularly with family or long-time friends, and recommended creating clear operating agreements and ownership documents while relationships are still positive. Mary Scott from Business Roof concluded the segment by encouraging startups to book calls for business advice and promoting the next episode of Stop Time to Improv.

Gordon Firemark, "The Podcast Lawyer" talks about What will cost a Startup if They Don't Use a Lawyer

Legal Protection for Startup Founders

Mary and Gordon discussed the importance of hiring a lawyer for startups to avoid costly mistakes. Gordon emphasized that founders often underestimate the legal risks and can lose their business or IP by not setting up the proper legal structure. He highlighted the dangers of operating as a sole proprietorship or partnership without protection, and the need for agreements to handle potential issues in business relationships. Gordon stressed that while founders may think they're saving money by skipping legal setup, they are actually gambling with their company's future.

Contract Structure and Legal Advice

Gordon shared a cautionary tale about a problematic collaboration that should have been structured as a contractor relationship, highlighting how mislabeling business arrangements can lead to legal complications and disputes. He emphasized the importance of consulting lawyers to properly structure business relationships and avoid securities law violations when dealing with investors or partners. Gordon stressed that using AI to draft contracts instead of legal professionals can result in unintended consequences, and advised against giving up equity too early without proper legal advice.

Business Structure and IP Protection

Gordon and Mary discussed the importance of having a proper business structure, separate business accounts, and protecting intellectual property. Gordon emphasized the need for written contracts with work-made-for-hire language for all employees and contractors, as well as early trademark registration to avoid potential conflicts. He shared a cautionary tale about a client who waited 13 years to register their podcast trademark, resulting in a lengthy and costly legal battle. They also touched on the risks of using AI-generated legal documents without proper guidance.

Legal Advice for Startup Success

Mary and Gordon discussed the importance of hiring a lawyer for startups, emphasizing that legal advice can prevent significant financial losses. Mary highlighted the need for startups to have a marketing person, accountant, and lawyer on their team, as each plays a crucial role in the business's success. Gordon agreed with this perspective and expressed gratitude for the opportunity to share his insights. Mary mentioned she would provide Gordon's contact information and legal templates in the comments and encouraged attendees to book a call with her for further assistance.

• Easy Legal Templates: https://easylegaltamplates.com
• Easy Legal For Entrepreneurs (course/training with templates and expert guidance) https://easylegalforentrepreneurs.com
• The Podcast, Blog & New Media Producer’s Legal Survival Guide (ebook) https://podcastlawbook.com
• Easy Legal For Podcasters (course/training with templates, guidance and community) https://easylegalforpodcasters.com

Upcoming Workshops and Webinars for creators and entrepreneurs:

• How To Protect Your Podcast: Easy, affordable legal strategies without expensive lawyers! – Https://podcastlaw.net
• Legal Protection for Online Entrepreneurs, Coaches & Courses – Https://law4courses.com
• Own Your Brand Before Someone Else Does! – Https://ownyourbrandnow.com

https://kleverstrategies.com/

Natalie Krul from Klever Strategies talks about Using LinkedIn for Leads

Why businesses should use LinkedIn

inding target prospects on LinkedIn

• Details
  • Natalie: Search capabilities depend on your LinkedIn plan (free, premium, or Sales Navigator)
  • Natalie: Define your target audience using filters like demographics, geography, job titles, and keywords
  • Natalie: Focus on second and third-degree connections as they're warmer prospects due to mutual connections
  • Mary: Gave an example of looking for "founders or startups in the St. Louis Metro area"
• Conclusion
  • Define your ideal client profile before searching
  • Use LinkedIn's search filters to find relevant prospects
  • Focus on connections who are one or two degrees away from your network

Discussion about how to approach prospects on LinkedIn without being pushy.

• Details
  • Natalie: "Ditch the pitch" - approach outreach as relationship building rather than selling
  • Natalie: Ensure your profile speaks to your target audience before reaching out
  • Natalie: Start with a personalized connection request without pitching
  • Mary: Introduced the "3 I's" follow-up framework: Introductions, Invitations, and Information
  • Natalie: Endorsed Mary's approach, emphasizing providing value before selling
• Conclusion
  • Personalize connection requests without immediate pitching
  • Focus on building relationships first, then results
  • Provide value through content sharing, introductions, or invitations

Engagement and follow-up techniques

• • Natalie: Engage with prospects' content by liking and commenting on their posts
  • Natalie: Endorse their skills to build goodwill
  • Natalie: Follow up with valuable content relevant to their interests or pain points
  • Natalie: Much of this engagement can be automated while still feeling personal
  • Mary: Emphasized that building relationships leads to customer loyalty and word-of-mouth marketing
• Conclusion
  • Consistent engagement is key to building relationships on LinkedIn
  • Providing value should precede any sales conversations
  • Focus on relationships first, then results

LinkedIn Outreach Free Guide: Why Your LinkedIn Outreach Isn’t Working (And What to Do Instead): https://kleverstrategies.com/offers/#linkedinoutreachguide

LinkedIn Outreach (book a clarity call): https://kleverstrategies.com/offers/#linkedinoutreach

Get Your Smart Marketing System: https://kleverstrategies.com/smart-marketing-system/

Connect with me on LinkedIn: https://www.linkedin.com/in/natalie-krul/